Iraq aims to boost crude exports, market share in Asia--Singapore(Platts) 2017-09-27
Iraq's market share in Asia
Iraq is willing to raise its export volumes to Asia in the coming years as the Persian Gulf producer aims to sharply expand its market share in the East, shifting its focus further and further away from outlets in the West, a senior Iraqi government official said in an interview with S&P Global Platts on Tuesday.

Asia is the most important revenue stream for Iraq and it's important to concentrate the producer's crude marketing in the Far East as the region is expected to remain the world's major energy consuming hub for years to come, said Dheyaa Jaafar Hajam al-Musawi, minister councilor for energy affairs at the Iraqi oil ministry.

The OPEC's second-largest producer aims to supply as much as 80% of its total crude exports to Asia by 2020, a significant hike from the current ratio of around 52%-55%, he told Platts on the sidelines of the APPEC conference in Singapore.

"Iraq is strongly focused on Asia because growth is in Asia...Iraq exports around 2.4 million b/d of crude oil to China, India and South Korea...they are the main Iraqi customers," Musawi said.

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